Vasai-Virar-Nalasopara, the next realty hype

There’s no denying that Mumbai is one of the fastest increasing real property markets in the country. With the developing need for residential location in the economic capital and limited area availability, new areas such as Navi Mumbai and Thane have emerged as residential hotspots, and are now known as the Mumbai Metropolitan Region (MMR). Vasai-Virar location is one such location on the realty map of MMR.

There are several reasons why this corridor is growing in terms of real estate in Mumbai. Firstly, the property rates in the major areas of Mumbai and its suburbs are going past the affordability range. Hence, more people are searching to shop for property along the peripheries where demand has gone up in the last couple of years. As Vasai-Virar/ Nalasopara location is inexpensive as compared to those areas, it is witnessing an increase in demand. 

Moreover, with its inclusion in the MMR area, Vasai-Virar/ Nalasopara is witnessing a respectable increase in its connectivity and infrastructure. The location lies at the central and western line of the Mumbai suburban railway network. Some of the crucial stations in the area on both the lines consist of Virar, Nalasopara, Vasai Road, Naigaon, Juchandra and Kaman Road railway stations. There are ordinary Vasai-Virar Municipal Transport (VVMT) buses that ply among exceptional localities of the location in addition to Thane, Mumbai and Mira-Bhayander town. 

The location is likewise witnessing a developing social infrastructure that consists of academic institutions, shopping centres, malls, religious centres and Olympic-length swimming pools as well. Vasai-Virar location has emerged as an opportunity for affordable housing during the last 3 years. 

The approximate capital price of a 1BHK unit is between Rs 10-40 lakh, whereas a 2BHK costs approximately Rs 20-55 lakh. The approximate capital price of a 3BHK condo is set at Rs 50- 90 lakh that of a 4BHK condo is set at Rs 80 lakh-1.5 crore. The approximate month-to-month rent for a 1BHK condo is in the variety of Rs 2,500-7,500 even as that of a

2BHK condo is withinside the variety of Rs 7,500-13,500. The approximate month-to-month hire of a 3BHK condo is in the range of Rs 10,000-20,000. The weighted average property fees in the location is in the range of Rs 4,300-8,200 per sq. ft depending on the locality. Therefore, this location has good growth possibilities The first factor to be able to drive this real property marketplace is its affordability as compared to that of other elements of the Mumbai Metropolitan Region. This will attract a huge chunk of home buyers in addition to investors here.

The second predominant component that will power the real property increase is the enhancing infrastructure and connectivity of the location to the island city of Mumbai in addition to its suburbs. The proposed Virar-Alibaug highway might be linked to numerous major national highways consisting of NH-3, NH-four and NH-8. This will help people travel from Virar to Mumbai in addition to the proposed Navi Mumbai International Airport, Nhava Sheva Port and Alibaug, which is an industrial belt. The Bandra-Versova hall, which is a coastal road, can even be extended to Malad and later to Virar. The location is already near a few critical upcoming regions consisting of Ghodbunder Road and Mira Road, which join the location to Thane. Hence, people working in Thane and are searching for affordable housing are expected to move to this location.

There are 3 rivers that glide through Virar. The catchment regions of those rivers obtain right rainfall each monsoon. As a result, Mumbai can expect to get its water delivered from those rivers in the future. This makes the location an critical marketplace in the near future and a trend that investors will jump on.

Disclaimer: The views expressed above are for informational purposes only based on industry reports and related news stories. PropertyPistol does not guarantee the accuracy, completeness, or reliability of the information and shall not be held responsible for any action taken based on the published information.